Tom Stinson, the longest-serving state economist in Minnesota history, is stepping down from his role.

Laura Kalambokidis, a professor of applied economics at the University of Minnesota, has been named Stinson’s successor and will assume the role in July. She will be the first woman to hold the position, which was created in 1975.

The state economist supervises the preparation of Minnesota’s budget forecasts, provides economic updates, and monitors the state’s revenue collections.

“Tom Stinson has served the people of Minnesota for almost three decades with exceptional proficiency, professional expertise, and with a true sense of grace,” Minnesota Management and Budget Commissioner Jim Schowalter said in a statement. “As Tom moves on to the next phase of his life, we are excited to welcome Dr. Kalambokidis to our economic analysis team. We are fortunate that someone of her caliber is willing to accept this public service role.”

Stinson, 70, was named state economist in 1987. During his tenure, Stinson served five governors and 14 department commissioners.

Governor Mark Dayton said in a Monday statement that Stinson “has been an invaluable source of economic wisdom, sound judgment, and common sense for five administrations” and he “represents the very best in excellent, dedicated public service.”

A professor in the University of Minnesota’s Department of Applied Economics, Stinson will continue teaching at the school.

As Stinson did during his tenure, Kalambokidis will split her time between Minnesota Management and Budget and the University of Minnesota, where she has been a faculty member for the past 13 years. Prior to joining the University of Minnesota, Kalambokidis was a financial economist in the Office of Tax Analysis in the U.S. Department of Treasury in Washington, D.C.